It frustrates me that landlords are held to a different standard than the supermarkets, gas stations, and cable companies.I guess the more diplomatic thing to do would be to issue a notice to vacate for a protracted date (90 days was mentioned) with no raise, and then part ways. 

This person is to diplomatic, think someone took over his account.

Considering that, may be wise to hold with what you've got until you resolve those issues and see what money you will have available to commit long term without risking a cash crisis if you use your available funds and then find out you have a $50k problem on your hand with the mid-term rental.   

As they say, the government doesn't like to let a a crisis go to waste.

4th Option stop all distributions and horde cash to get the project over the current crisis  to me is first step. i know with one of my deals we have distributed profits on time every time however we also went into it with Monster reserves that lowered our Rate of return . 

@James Wise is a pro on the keypad and was diplomatic especially under the setting.3.

We will not build out the current housing shortage in America with the conventional thinking of the last few decades, it will take a variety of solutions working together.Build apartments, build new manufactured home communities, fill vacant spaces in communities, create more accessory dwelling units, allow for density where it makes sense, and pull out all the stops to fix this crisis.

My favorite example, is how out of state people “remember” how Vegas rents crashed and vacancy was “100%” and everyone lost their properties during the late 2000’s financial crisis.

Always brings up the age old question: Are STRs really contributing to any element of a further housing crisis, or is this hotel lobbyists just pushing their own agenda to get more money in their pockets?

Madrid-  invest in properties foreign diplomats and military like to live, near good international schools, sights, their work, transit systems, available parking, etc.